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Whj Ykbei ieXh[ [b Yel Z'+3 F4EF 6 I ) K S`OV R KV c MOV VK 8bS O KVQ K S SVS NO O O VK 6BI 7 (0 c VK S PSMSO MSK O S K SK NO
<edjh Xko¨ feh ]kWb nQO O O VK O`SNO MSK NO MRK MK KM O n SMK OMj SMK NS S S`K S NSMK O VK 6BI 7 (0 M S cO K O`K
S NaSQ 5 V d K
O SNKN K VpQSMK c V NK O O QO O QSO O VK K SMS KMSp NO K PS S K V QnK MO KNK O VK O N OVS K nK FO
NO 8b O S O KV c 6Vn SM OMO S K j S `O SQKMSp OM LS O O NS Lj SM c MVn SM K K K`K dK O VK M O Sp NO V OMK S
G K K V QnK O VK 4HI4 PS S K VpQSM c MK KM O SdK V K S S PVK K S O NK VK QK K NO PO S K K O S S K K O MSp
6O NO `O SQKMSp
p S K K KV KMSO O M 6BI 7 (0
ISO K 4 SK"F? HikY emia =OF 2
7O K K O NO
4 O O S V QnK H S`O SNKN NO N MMSp h[ifk[ijW Z[b k if[Z W bW d [YY ¨d dYbk Zei bei jhWijehdei
6O mNSM NO :r S QO EW WfWh Y ¨d Z[b L:KL'<eO', W ZWZe bk]Wh W kdW Yh i i iWd jWh W dckde d bWcWjeh ei Z[ ]hWd WbYWdY[( EW Yecfh[di ¨d Z[ bW
:r S QO :O Q4 Q
gk[ de i[ WX W l ije Z[iZ[ bW fWdZ[c W Z[ ]h f[ [ifW ebW Z[ i efWjebe] W o bei [dej fei Z[ <HOB='+3 dYbk ZW bW
H S`O SNKN NO : S QK
: S QK 4VO K SK +3+2'+3( >b eh ][d c i fbWki Xb[ Z[b L:KL'<eO', [i bW i[b[YY ¨d h[ifk[ijW Z[b k if[Z Wb L:KL'<eO', i[h YbWl[ fWhW
"FL P dab[h F= 2 KL K S NO dWjkhWb Z[b l hki [d kd k if[Z Wd cWb i[]k ZW Z[ bW Z[iWhhebbWh [ijhWj[] Wi Z[ cWd[`e f[hiedWb pWZWi fWhW bei
6S O nK NO 9V T 6O NO jhWdi [h[dY W peed¨j YW(+MhWi bei fh c[hei YWiei Z[ <HOB='+3 fWY [dj[i(
C Q KN O @ONSMS K k[hed Z[dj YWZei [d Pk Wd < dW [d Z Y [cXh[ Z[ ,*+3 EW h[ifk[ijW Z[ bWi Yeckd ZWZ[i c Z YW o Y [dj YW de W
8N MKMSp IK `SK C V SK "M
La h[Ya F= 2 7O K K O NO [b l hki i[ fhefW]¨ h f ZWc[dj[ o i[ WX W d ehcWZe [d ,,* fW i[i j[d Ze fh[Y[Z[dj[i( =khWdj[ [b bj ce W e i[ W fkXb YWZe kdW
8 PO ONKNO POMMS K 9KM V KN NO WijW [b ,/ Z[ WXh b Z[ ,*,+(,>djh[ bei fW i[i c i W [YjWZei feh [b YWdj ZWZ [njhWehZ dWh W Z[ d ehc[i Z[ dl[ij ]WY ¨d
@ONSMS K c FKV N i OL <HOB='+3 WijW [b cec[dje i[ [dYk[djhWd >>( NN( ;hWi b F n Ye [ h[bWY edWZei Yed [b L:KL'<eO', o bW <HOB='+3 dYbk Zei WlWdY[i
H S`O SNKN i OL F OMSK
BdZ W "Yed kd jejWb Z[ 8+ - c bbed[i Z[ ck[hj[i o cfh[i edWdj[i [d bW Yecfh[di ¨d f[he jWcX d d ehcWY ¨d Z[
"L( <W`WdZ[h F= 2 9 NKMSp
A;F NO : c c F GR K 8 0/ c bbed[i Z[ YedjW] ei Wb ,/ Z[ WXh b Z[ ,*,+ (-: f[iWh Z[ bW ZkZeiW YWb ZWZ(1<ed [b Z[i[e Z[ WokZWh W bei fWY [dj[i
G PSMS K NO K c NO VK H6 jWiW Z[ cehjWb ZWZ cWhYWZWc[dj[ c i XW`W Z[ <HOB='+3 [d h f ZWc[dj[ o h[dWh bW fWdZ[c W Wb]kdWi Z[Y i ed[i i[ Wd
F GR K ; S KV N O EOS
YecfWhWY ¨d Yed bWi [f Z[c Wi Wdj[h eh[i Z[ YehedWl hki Z[b feb j pWZe e jecWZe Wfh[ikhWZWc[dj[ ieXh[ bW XWi[ Z[ [l Z[dY W
H SN "Ihe ( F L WdaWh'AWh I = 2
i dZhec[ h[if hWjeh e W]kZe i[l[he "L:KL o [b i dZhec[ Wd[YZ¨j YW e feYe l[h YWZW "f( [`( ieXh[ [b kie Z[ Xkfhe [de
8 M OVK NO V QnK c
6SO MSK @SM LSK K S Q h[if hWjeh e Z[ Hh [dj[ F[Z e "F>KL ik Z i[c dWY ¨d W j[d Ze Zhen Ybehegk dW d X Zeh[i Z[ bW [dp cW Yedl[hj ZehW Z[
H S`O SNKN NO N O N O EOS H SN [ [Yjei Z[lWijWZeh[i [d bei i ij[cWi Z[ iWbkZ o Wd] ej[di dW T><:U h[Y[fjeh[i Z[ Wd] ej[di dW Xbegk[WZeh[i o
"Ihe [ieh F L WdaWh'AWh 2
[Yedec Wi W d l[b ckdZ Wb( bef dWl h'h jedWl h fheleYWdZe Yed ki ¨d [djh[ [b f[hiedWb
7O K K O NO 4 O O S V QnK
c 6 SNKN O S` B O K S`
:f[dWi [ijWcei Yec[dpWdZe W Yecfh[dZ[h bW Z d c YW c Z Ye o Z[iYed WdpW f Xb YW(2´++>d [b Yedj[nje Z[ bW
@ONSMS K 66@ 6I Z[ bW d [Yj l ZWZ o jhWdic i X b ZWZ Z[b L:KL'<eO',4 kd dl[ij ]WY ¨d [ijei Z[iW ei i[ Wd l ije fej[dY Wbc[dj[
" ( EWY cWdd F= O S eX`[j le Wfh[c Wdj[ Yed bW WfWh Y ¨d Z[ dk[lWi lWh Wdj[i Z[ W]hWlWZei Wb Yedi Z[hWh [b <HOB='+3 [d j hc dei Z[ YedY[fjei
K KS V QnK mNSMK fh[eYkfWY ¨dµo bWi Yecfb[` ZWZ[i Yb d YWi Z[ c bj fb[i i efWjeb¨] Yei fh[[n ij[dj[i be gk[ feZh W YedZkY h W bW
H S`O S k
"< F[ i[b F= 6RK S mv
ONSdS 5O Vn
?[dej fei Z[ <HOB='+3( :kdgk[ h[if hWjeh e W]kZe ][d[hWY ¨d Z[ f¨j[i i i[i]WZWi WbbWp]ei [d]W eiei o jecW
5O Vn 4VO K SK2 S EWi cWd [ijWY ed[i ied bW YWhWYj[h ij YW c i Yec d Z[ bW Z[ Z[Y i ed[i Yb d YWi d`kij YWZWi gk[ de X[d[ Y Wd o Wb
NO FKV N NO 5O Vn 5O Vn <HOB='+3 ]hWl[ i[ Wd d ehcWZe ckY ei [ [Yjei de c[dei f[eh ZW W W bei fWY [dj[i Yed <HOB='+3( Ieh [`[cfbe bW
4VO K SK" ( EWY cWdd 2
h[if hWjeh ei [d bW Wi[ W]kZW Z[ bW [d [hc[ZWZ o bW [l Z[dY W Yedjhel[hi W ieXh[ bW i efWjebe] W Z[ bW dik Y [dY W fkbcedWh
; SMO 6S`SV NO c
KL K S NO V QnK
[c[h][dj[ WfkdjW W lWh Wi Yecfb YWY ed[i ZkhWZ[hWi WieY WZW Wb L:KL'<eO', o [b kie Z[ jhWjWc [djei Wdj d bWcWjeh ei
R S KV mN K N RO S Z[ifk i Z[ bW d [YY ¨d feh L:KL'<eO', "[b i dZhec[ feij'<HOB= Wdj[ kdW ikfk[ijW jehc[djW Z[ Y jegk dWi W i Ze Wb c[djWZW
c 9 K MSK e <HOB= bWh]e ( .´0Nd YkWZhe Yb d Ye jWd Yecfb[`e feh [b b[]WZe Z[ bW dl[ij ]WY ¨d Z[ bW i[fi i(
"Ihe [ieh Fedd[h[j I =
ik] [h[ gk[ [b L:KL'<eO', ][d[hW kd Z[ih[]kbWZe
h[YedeY[h bWi i c b jkZ[i [d bW i efWjebe] W o bei [dej fei ¹ EW Yecfh[di ¨d Z[ bW i efWjebe] W o bei [dej fei Yb d Yei o
H S`O S m 6VK NO 5O K N c
ZedZ[ [n ijWd [djh[ <HOB='+3 o ejhWi W [YY ed[i c[`eh c[Y d Yei Z[ <HOB='+3 i[h YbWl[ fWhW Z[iWhhebbWh ( v LS @m SO b v ; SMO 6S`SV
YedeY ZWi `kdje Yed bW Yecfh[di ¨d Z[ bWi YWhWYj[h ij YWi [ijhWj[] Wi Z[ cWd[`e f[hiedWb pWZWi o c[`ehWh bei NO c ;q S KV 8N K N
Z ij dj lWi gk[ Z ij d]k[d W [ijW dk[lW [d [hc[ZWZ Z[ ejhWi( h[ikbjWZei fWhW bei fWY [dj[i ;O S c 9 K MSK
[dj ZWZ[i( >d [ij[ Whj Ykbe Z[ bW L[h [ dk[ijhe eX`[j le [i ¹ EWi fh[i[djWY ed[i Z[ bW d [YY ¨d feh L:KL'<eO', lWh Wd Z[iZ[
"Ihe [ieh Fedd[h[j Ihe ( ?
O[d[j 2 7O K K O NO
fhefehY edWh kd h[ikc[d Yecfb[je o Yh j Ye Z[ bW [l Z[dY W i djecWi h[if hWjeh ei o de h[if hWjeh ei b[l[i e ceZ[hWZei 4 O O S V QnK c @ONSMS K
Z ifed Xb[ ieXh[ bW i efWjebe] W Z[ <HOB='+3 fWhW c Z Yei WijW d[kced W ]hWl[ feh <HOB='+3 o :K=L Yed WbbW O S`K c 6O NO 6 Vc
o Y [dj Yei Yb d Yei( K[l iWcei bei c[YWd icei Z[ bW ckbj eh] d YW5 bW [l Z[dY W [c[h][dj[ jWcX d WfkdjW W lWh Wi 4 O MSp NO FO S "Ihe ( F ;Wk[h
[d [hc[ZWZ gk[ ikij[djWd bWi cWd [ijWY ed[i h[if hWjeh Wi Yecfb YWY ed[i ZkhWZ[hWi Z[ifk i Z[ bW d [YY ¨d feh L:KL'
F= Ihe ( ?F ;hkda ehij F=
L P[ i F= B KkX e I = 6O
Z[ <HOB='+3 Yedi Z[hWdZe bWi i c b jkZ[i o Z [h[dY Wi <eO', "[b i dZhec[ feij'<HOB= e <HOB= fhebed]WZe NO 8 NS 6Vn SM
[djh[ <HOB='+3 o bWi [d [hc[ZWZ[i h[if hWjeh Wi Z[ ejhWi "Ihe [ieh ?F ;hkda ehij c OV S
YWkiWi( = iYkj cei [b fWf[b fej[dY Wb Z[ kdW i efWjebe] W ¹ >b YkWZhe Yb d Ye Yecfb[`e ik] [h[ gk[ [b L:KL'<eO', fheleYW NO 8 PO ONKNO POMMS K c6 V
Z ij dj lW Y[djhWZW [d bW [dZej[b efWj W [d bWi kdW h[ifk[ijW Z[b k if[Z gk[ Z[i[dYWZ[dW jhWijehdei
NO POMMS O "L( P[ i ; S KV
k if[Z Wb L:KL'<eO', W d l[b kcehWb o Y[bkbWh( NdW i[h [ ¹ EW [dZej[b j i dZkY ZW feh L:KL'<eO', feZh W i[h kd WYjeh Yec d ; S KV PK SV H S`O S K S ASo
Yecfb[`W Z[ c[YWd icei dckde d bWcWjeh ei ikXoWY[ W bW [d [b i ij[cW h[if hWjeh e o de h[if hWjeh e
O s @KN SN 8 KoK
]WcW Z[ [dej fei [d <HOB='+3 f[he gk[ZWd ckY Wi cWd [ijWY ed[i Z[ Yel Z'+3 ": WhY W'LWb Ze F= 2 7O K K O
dY[hj ZkcXh[i( <edYbk cei Z[dj YWdZe fh[]kdjWi YbWl[ ¹ EW h[ifk[ijW d bWcWjeh W i ij c YW W bW d [YY ¨d feh L:KL'<eO', NO @ONSMS K NO 6 SNKN
fWhW kjkhWi dl[ij ]WY ed[i( fWh[Y[ i[h h[bWj lWc[dj[ b[l[ [d YecfWhWY ¨d Yed bW Z[b L=K: O S` c 6O EKNL N NO
8 PO ONKNO POMMS K
de WieY WZe Yed <HOB='+3 e bWi d [YY ed[i XWYj[h WdWi ]hWl[i
6O @mNSM NO VK H S`O SNKN NO
EKNL N AST OQO CKn O 5KT "F
CK V QnK MVn SMK NO VK 6BI 7 (0 ¹ EW WieY WY ¨d [djh[ bW YWh]W l hWb o bW ]hWl[ZWZ Z[ bW [d [hc[ZWZ ik] [h[ gk[ [b Den I =
6 K KMSp NO F4EF @8EF c 6BI 7 (0 Yedjheb Z[ Y [dj[ Z[ bW d [YY ¨d l hWb feh fWhj[ Z[b i ij[cW dckd jWh e [i kd
Ihe ( F G[j[W F= 2 4QO MO
AK S KVO NO VK EOMRO MRO
>b L:KL'<eO', f[hj[d[Y[ W kdW ]hWd Wc b W Z[ YehedWl hki gk[ cfehjWdj[ Yedjh Xko[dj[ fWje] d Ye W bW ]hWl[ZWZ Z[ bW <HOB='+3
CK n 9 K MSK
dYbko[ i [j[ fWj¨][dei kcWdei YkWjhe Z[ bei YkWb[i YWkiWd "Ihe [ieh CF <WlW bbed =hLY 2
h[i h WZei Yeckd[i( >b L:KL'<eO', j [d[ ckY Wi i c b jkZ[i Yed ¹ <HOB='+3 [i kdW dk[lW [dj ZWZ Z[ [d [hc[ZWZ Yed kdW 7O K K O NO 4 O O S V QnK
[b L:KL'<eO gk[ k[ h[ifediWXb[ Z[b Xhej[ Z[ L:KL Z[ ,**- gk[ i efWjebe] W Z ij djW W bW Z[ bW d bk[dpW [b L=K: de h[bWY edWZe
; S KV H S`O S K S NO
;OSNOVLO Q ;OSNOVLO Q 4VO K SK
Yec[dp¨ [d < dW(+,o F>KL'<eO h[ifediWXb[ Z[b Xhej[ Z[ F>KL Yed <HOB='+3 o ejhWi d [YY ed[i feh YehedWl hki
"? N b[ I =
Z[ ,*+, gk[ i[ d ehc¨ feh fh c[hW l[p [d :hWX W LWkZ jW(+->d bW L=K: 7 i dZhec[ Z[ Z YkbjWZ h[if hWjeh W W]kZW( Ihe ( F: P[ ]WdZ F= 2
jWXbW i[ fh[i[djW kdW YecfWhWY ¨d Z[ bWi YWhWYj[h ij YWi YbWl[ Z[ 7O K K O NO G K K @K
[ijei jh[i YehedWl hki( MWdje [b L:KL'<eO Yece [b L:KL'<eO', c 6S QnK EOM M S`K
; S KV H S`O S K S 8 O
kj b pWd [b h[Y[fjeh :<>, kcWde fWhW bW [djhWZW l hWb o [b L[ W Z[ceijhWZe dckd ZWZ fhej[YjehW [d cWYWYei h [iki
H S`O SNKN 7 S L Qv8 O
jhef ice Y[bkbWh fWhW bW d [Yj l ZWZ( [nfk[ijei dk[lWc[dj[ W bW deYkbWY ¨d Z[ L:KL'<eO',( -,
8 O 4VO K SK"L; ?be I =2
:kdgk[ [b L:KL'<eO', i[ Z h ][ fh dY fWbc[dj[ Wb [f j[b e fkbcedWh bei [ijkZ ei eXi[hlWY edWb[i Wd Z[ceijhWZe kdW i¨b ZW7S`S Sp NO 8 PO ONKNO POMMS K
bWi Y bkbWi [b [f j[b e dj[ij dWb o ejhei jWcX d fk[Z[d d [YjWhi[ Yed h[ifk[ijWi Z[ Wdj Yk[hfei o Y bkbWi M [d kdW fhefehY ¨d ikijWdY Wb Z[
c 6OfWYNO
[dj[i
@ONSMS K 8b O S O KV
c @ VOM VK 6O @mNSM NO VK
h[fb YWY ¨d WYj lW o fheZkYY ¨d Z[ dele Z[ l hki d [YY eiei(+1 +2>b Z[ifk i Z[ bW d [YY ¨d Yed L:KL'<eO',(--L d [cXWh]e bW h[ifk[ijW kcehWb Wb
H S`O SNKN NO g O NK
fWf[b Z[ bW h[fb YWY ¨d [dj h YW [d <HOB='+3 de i[ Yecfh[dZ[ L:KL'<eO', fWh[Y[ i[h fhefehY edWb W bW ]hWl[ZWZ Z[ bW <HOB='+34 bei j jkbei Z[ @mNSM
HLSMKMSp 6O
Yecfb[jWc[dj[ f[he i[ W ik][h Ze gk[ [nWY[hXW bW h[ifk[ijW Wdj Yk[hfei c i Wbjei i[ Z[j[YjWd [d YWiei ]hWl[i o fhebed]WZei [d
4MKNm SM H S`O SNKN NO
Z[ bW d [YY ¨d o bei c[YWd icei Z[ h[fb YWY ¨d b j YW Z[b L:KL'<eO', Z[ Wdj Yk[hfei(-/L:KL F>KL o <HOB='+3 j [d[d kdW h[ifk[ijW Z[ Wdj
FO Yk[hfei
S ; S KV H S`O S K S En
; OQK NO IKVVKN VSN S
[d bWi Y bkbWi dckd jWh Wi WYjkWbc[dj[ de [ij d YbWhei Yed Zei kcehWb[i Z[ YehjW ZkhWY ¨d i c bWh(-0 -1>d Zei [ijkZ ei Z[ ieXh[l l [dj[i Z[
NO `O SQKMSp 5S mNSMK NO
d ehc[i gk[ Z[iYh X[d bW d [YY ¨d Z h[YjW Z[ cedeY jei( L:KL "K( :bcWdiW I = FKVK K MK FKVK K MK 8 KoK
,- ,.
B QK SdKMSp NO `O SQKMSp NO
F4EF 6 I @8EF 6 I F4EF 6 I )
6 SNKN F K O ; S KV 7 LVS
7O K K O NO 6 SNKN O S` Fk[hj[i Yed hcWZWi 1.. "3w, 21+ "-. 8 -w+ c bbed[i ",w, Wb ,/ Z[ WXh b Z[ ,*,+-
@ONSMS K OV S KV ; S KV "cehjWb ZWZ
H S`O S K S NO 5O K H S`O SNKN
K[Y[fjeh Z[ [djhWZW l hWb :<>, =II. :<>,
NO 5O K 5O K F SdK
< bkbWi ikiY[fj Xb[i W < bkbWi [f j[b Wb[i h[if hWjeh Wi [ < bkbWi [f j[b Wb[i h[if hWjeh Wi Y bkbWi M < bkbWi [f j[b Wb[i Z[b [f j[b e h[if hWjeh e [ dj[ij dWb
"M Lf d[jj I =
d [YY ¨d dj[ij dWb[i5 d [YY ¨d WXehj lW [d WYj lWZWi cedeY jei cWYh¨ W]ei o Y bkbWi cWYh¨ W]ei Wbl[ebWh[i YWhZ eY jei Y bkbWi ikij[djWYkbWh[i
C< LY [ ebZ F= 2 AO V QnK
Y bkbWi [cWjefeo j YWi Z[dZh j YWi eb Wjeh Wi Y bkbWi Z[ bei YedZkYjei X b Wh[i o Y bkbWi j[ij YkbWh[i
7O K K O S
Z[ L[hjeb 5 d [YY ¨d WXehj lW [d Y bkbWi [cWjefeo j YWi
EO S K S ; S KV 6Vn SM NO
5K MOV K S
N `O SQKMS 5S lNS O K[fb YWY ¨d l hWb Z[b jhWYje Ge Ge L
h[if hWjeh e ikf[h eh
4 Q CS S F cO H S`O SNKN
NO 5K MOV K 6E84 K[fb YWY ¨d l hWb Z[b jhWYje L L L
6 58E8FH6 6BI 7 8 KoK h[if hWjeh e d [h eh
"< < bb¨d p I = Ihe : Mehh[i 2 E d ef[d W L 4 <=. % o <=2 Y % bkbWi M Y bkbWi ; L 4 <=. % o <=2%Y bkbWi M L 4 <=. % o <=2 < % bkbWi M Y bkbWi ; Wi[i de dWjkhWb
F:E 0((v 6E84 4MKNO SK Y bkbWi Wi[i dWi dWjkhWb[i Y bkbWi
5K MOV K 8 KoK"Ihe ( : Mehh[i 2
d[kjhe b W L L L 4 d l[b[i [b[lWZei Z[ G>Mei i
+ 7O K K O NO O
@ONSMS K AKMS KV c FedeY jei o G l[b[i Wbjei G l[b[i Wbjei Eei h[Yk[djei Z ic dko[hed "f[he de i ]d YWj lWc[dj[
i[ iWX[ gk[ [n ij[d h[ifk[ijWi [djh[ lWh ei YehedWl hki5 [d A fen W "IWH
fWY [dj[i Yed L:KL i[ Wd [dYedjhWZe Wdj Yk[hfei h[WYj lei
W YehedWl hki kcWdei F>KL'<eO o L:KL'<eO(./´.1L d
[cXWh]e bW d[kjhWb pWY ¨d YhkpWZW Z[ Wdj Yk[hfei Z[ l hki
l lei fWh[Y[ i[h hWhW(.2 .3L[h YhkY Wb Z[ d h [b fWf[b Z[ bWi <kcfb c [dje fkbcedWh " O) I
Y bkbWi M h[WYj lWi fh[[n ij[dj[i [d <HOB='+3 c[Z Wdj[ bW <ecf[diWY ¨d feh fen W I hZ ZW Z[ Yecf[diWY ¨d feh fen W
h[Wb pWY ¨d Z[ [ijkZ ei Z[ feXbWY ¨d W ]hWd [iYWbW o fhk[XWi :bje Ykcfb c [dje ;W`e Ykcfb c [dje
YWkiWi Z[ dik Y [dY W h[if hWjeh W [i bW bbWcWZW fen[c W ¹ >l[djei jhecX¨j Yei ¹ :bl[eb j i ¹ <edieb ZWY ¨d o)e
¹ >dZej[b Wb ¹ >Z[cW fkbcedWh Xhei i
i b[dY eiW YWhWYj[h pWZW feh kdW IWH, Yh j YWc[dj[ XW`W f[he , d bWcWY ¨d ¹ :j[b[YjWi W
iebe ceb[ij Wi h[if hWjeh Wi b[l[i o Z id[W( Nd [ijkZ e Z[ceijh¨
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